Bonduelle : Brisk sales growth in Q3 sales. Even though Q4 is set to be less dynamic, current de-rating appears excessive, in our view. Buy vs Neutral.
>Higher-than-anticipated organic growth of +10.6% (vs +4.2%) - Bonduelle has reported a 12.7% increase in Q3 sales to € 761.2m, i.e. largely above our € 712.2m forecast. Organic growth remains far higher than anticipated at +10.6% vs +4.2% forecast, boosted by the precautionary purchase of canned and frozen goods from mass retail distributors in March. By region, the trends were:Europe (47% of sales and 44% of EBIT): sales of € 349.8m, up 11.5% on a reported bas...Bonduelle is active in the market of processed vegetables both within and outside the European Union. Co.'s business is made up of three activities: canned, frozen and fresh vegetables (prepared and fresh-cut). It distributes its products mostly through retail channels (large supermarkets and stores) and food service sectors (restaurants, inter-company canteens). Some of Co.'s brands are Bonduelle, Cassegrain, Frudesa and Artic Gardens. Co. is organized into two geographic regions and four business segments: Bonduelle Europe Long Life (BELL), Bonduelle Fresh Europe (FRESH), Bonduelle Americas (BAM), and Bonduelle Development (BDV).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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